CITY OF WHEAT RIDGE, WHEAT RIDGE URBAN RENEWAL AUTHORITY AND WR2020 PARTNER
IN THE REDEVELOPMENT OF WEST 44TH AND WADSWORTH BOULEVARD

Wheat Ridge, CO ­- April 24, 2008 - On April 17, 2008, the Wheat Ridge Urban Renewal Authority (WRURA) purchased two properties located at 7340 and 7540 West 44th Avenue in Wheat Ridge. The combined area of the two properties is approximately 9.4 acres.The property is bounded by West 44th Avenue to the north, the 1st Bank Building on Wadsworth Boulevard to the west, Upham Street to the east and a Big Lots/Ross anchored plaza to the south.

"The WRURA is excited to be teaming up with the City and WR2020 to create a positive and productive redevelopment project at this key intersection in Wheat Ridge," said Terrell Williams, Chair of the WRURA. The WRURA purchased the properties for $3.45 million.

"The Neighborhood Revitalization Strategy identifies the redevelopment of the Wadsworth Corridor as a priority in our community. In 2007, the Mayor's Office and City Council identified the redevelopment of the southeast corner of 44th and Wadsworth as a major priority for the City," said Mayor Jerry DiTullio.

Councilmember Wanda Sang, District II added, "The WRURA's investment in these properties will enable the pursuit of a planned mixed-use development concept that the City can use to solicit and secure a future sustainable tax base and revenue stream from these currently vacant and underutilized sites."

In the past year, the WRURA and Wheat Ridge 2020 (WR2020) have worked with the City, designers, developers, and the Colorado Brownfields Foundation to reposition the southeast corner of 44 th and Wadsworth as a key redevelopment site in the City and the Metro Denver region. "The redevelopment area combined with the southwest corner of West 44th Avenue and Wadsworth Boulevard will form the north gateway to the City of Wheat Ridge," said Rob Osborn, Executive Director of WR2020. "The preliminary redevelopment concept underway blends a mix of uses including civic, office, residential and retail development into an attractive and accessible destination for citizens."

"The West 44th Avenue and Wadsworth Boulevard Redevelopment Concept is a preliminary planning document that shows how redevelopment might enhance the economic viability of this area, while also providing a unique, active community focal point such as a City Center," said Randy Young, City Manager.

Central to the joint venture between the City and WR2020, is the partnership of the WRURA. "The collaboration that has taken place between the WRURA and the City Council to purchase these properties greatly assisted in building the momentum needed to keep this project moving forward," said Patrick Goff, Deputy City Manager. In the coming months, WR2020 and City staff will work together to secure development opportunities for a successful redevelopment program.

"This is an exciting redevelopment opportunity for the City of Wheat Ridge!" said Councilmember Dean Gokey, District II. "The synergy created through this unique partnership is providing the momentum for 44th and Wadsworth to become a destination gathering place as it is envisioned to be."

For more information, please contact Patrick Goff, Deputy City Manager at 303-235-2805 or E-mail: pgoff@ci.wheatridge.co.us.

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